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Bag’s Take-Away:
This photo of a foreclosed home occupied by squatters in LA really makes you shake your head. Rather than helping homeowners with their mortgages, banks leave vacant foreclosed homes to the mercy of vandals. Then they sell the property at a fire sale price. Kick out the owners, fail to maintain it, get rid of it cheap. No wonder the economy sucks.
(credit: Jonathan Alcorn/Reuters caption: A bedroom at a foreclosed home where squatters have been living is seen during a blight tour that activists say highlight how big banks are hurting local communities by failing to maintain their foreclosed properties in Los Angeles, California, May 17, 2012. Activists are calling on city leaders to enforce LA’s blight ordinance that allows the city to collect $1,000 a day from banks that do not maintain their foreclosed homes, which activists say should be used to rebuild the neighborhoods.)
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